NEW YORK (AP) – Wall Street was narrowly mixed Wednesday, with investors hesitant about buying into the broader market after being rattled by disappointing earnings from technology leaders including Yahoo Inc. Bond prices extended their advance as investors grew optimistic that the Federal Reserve won’t raise interest rates.

Investors pulled back from tech stocks after Yahoo posted a surprising 11 percent drop in its first-quarter profit. Disappointing results from International Business Machines Corp. and Motorola Inc. added to the selling.

But JPMorgan Chase & Co. lifted Dow Jones industrial average into record territory after the bank reported a 55 percent jump in profits that far surpassed Wall Street’s expectations. The 30 companies that make up the index – nearly half of which report earnings this week – have been mostly beating the Street’s predictions.

Wall Street was uneasy about a sharp drop in the dollar, which is now at 26-year lows against the British pound. The American currency has weakened because interest rates have remained steady since the summer, and amid signs of a slowing U.S. economy.

Mike Malone, a trading analyst at Cowen & Co., said results from Yahoo stunted some appetite for technology issues. However, he dismissed the idea of the company’s earnings being the start of any trend for first-quarter reports.

“There has been some company specific issues out there, but they really aren’t indicative of the underlying earnings environment,” he said.

In midday trading, the Dow Jones industrial average was up 9.34, or 0.07 percent, at 12,782.38, points away from its trading high of 12,795.93 set Feb. 20.

Broader stock indicators were mixed. The Standard & Poor’s 500 index was up 0.17, or 0.01 percent, at 1,471.65, and the Nasdaq composite index shed 6.26, or 0.25 percent, to 2,510.69.

On Tuesday, the Dow briefly surpassed its record close, reached Feb. 20, of 12,786.64, and the S&P closed at a new 6 1/2-year high. The Nasdaq fell, though, as did the Russell 2000 index of smaller companies – however, the Russell briefly hit a record in earlier trading.

Bonds rose for the third straight session, with the yield on the benchmark 10-year Treasury note falling to 4.66 percent from 4.69 percent late Tuesday. This marks the longest winning streak for Treasuries in more than six weeks as investors, reassured by benign inflation data released Tuesday, bet that the Fed won’t be forced to raise interest rates to fight inflation.

Oil prices fell 28 cents to $62.82 a barrel on the New York Mercantile Exchange although a government report showed a bigger-than-expected decline in gasoline inventories. The U.S. Energy Information Administration said stockpiles dropped 2.7 million barrels to 197 million barrels.

With no major economic data on tap, investors have focused on this week’s earnings reports to pick a direction. The S&P has predicted earnings for companies in its flagship index grew less than 4 percent in the first quarter, much less than in previous quarters.

Yahoo plunged $3.79, or 11.8 percent, to $28.30 after the Internet portal reported disappointing results late Tuesday. The results left Wall Street wondering how much longer it will take the company to regain its financial footing after it stumbled through most of 2006.

Pressure was felt elsewhere in the tech sector. IBM posted disappointing results late Tuesday, and its shares dropped $2.51, or 2.6 percent, to $94.61. Hard driver maker Seagate Technology LLC fell $1.58, or 7.1 percent, to $20.57 after it reported profit fell 22 percent in the first quarter, and lowered its outlook.

Motorola reported a first-quarter loss due to sluggish sales, and charges to cover a legal settlement and restructuring efforts. However, sales surpassed expectations and the stock rose 28 cents to $18.23.

Medical device maker Abbott Laboratories Inc. fell $1.28, or more than 2.2 percent, to $57.72, after it said Wednesday its first-quarter profit fell 19 percent. The results excluding certain items, however, beat analyst estimates.

JPMorgan Chase rose $2.05, or 4.1 percent, to $52.23 after the nation’s third-largest bank reported a 55 percent increase in profit. The New York-based bank said first-quarter results were boosted by strength across its primary business lines, though it did increase reserves to offset subprime mortgage losses.

Advancing issues led decliners by a 3 to 2 margin on the New York Stock Exchange, where volume came to 714.6 million shares.

The Russell 2000 index of smaller companies was down 2.63, or 0.32 percent, at 826.33.

Overseas, Japan’s Nikkei stock average closed up 0.80 percent. In afternoon trading, Britain’s FTSE 100 was down 0.74 percent, Germany’s DAX index fell 0.90 percent, and France’s CAC-40 dropped 0.38 percent.

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